Fumbi Chima is Burberry’s newest chief information officer and will report to chief operating officer John Smith.
Vestis Retail Group, which owns East Coast-based sports, apparel and outdoor equipment retailers Eastern Mountain Sports and Bob’s Stores, says the purchase of Los Angeles-based Sport Chalet will create one of the largest sporting goods retailers in the U.S.
East meets West in a new retail acquisition announced today.
Vestis Retail Group LLC, which owns East Coast-based sports, apparel and outdoor equipment retailers Eastern Mountain Sports and Bob’s Stores, will acquire Sport Chalet Inc., which operates stores in the Western United States. All three retailers also operate e-commerce sites.
Under the terms of the agreement, an affiliate of Vestis will commence a cash tender offer for all outstanding shares of Sport Chalet for $1.20 per share.
The combination of Sport Chalet’s 50 stores with Bob's and EMS’ will create one of the largest sporting goods retailers in the U.S. with more than 150 stores, $800 million in total sales and a national footprint, the companies say.
Eastern Mountain Sports is No. 478 in the Internet Retailer Top 500 Guide with an estimated $23.76 million in web sales, up 10% from an estimated $21.6 million a year earlier.
"Sport Chalet greatly strengthens our position in the active lifestyle and outdoor categories, provides scale from which to grow, and diversifies our geographic footprint," says Mark Walsh, Vestis CEO.
Craig L. Levra, chairman, CEO and president of Sport Chalet, will remain CEO at Sport Chalet and continue to run the business out of Los Angeles, reporting to Walsh. Vestis' corporate headquarters will remain in Meriden, CT.
“We believe we will be very well positioned to compete in today's retail environment as part of a larger organization with significant scale advantages and broad geographic reach," Levra says.
Vestis does not plan to close any Sport Chalet stores, and the three retailers will continue to operate under their existing brand names, the companies say.